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General News of Wednesday, 14 November 2018

Source: adomonline.com

Thank Akufo-Addo for stabilizing financial sector – Afenyo Markin

Member of Parliament for Effutu, Alex Afenyo-Markin is asking Ghanaians to appreciate President Akufo-Addo for stabilizing Ghana’s financial sector in spite of the difficult economic circumstances inherited from the past administration.

According to him, the economic policies being undertaken by the NPP government were only to fix the fundamentals of the economy following the recent banking crisis where seven banks have collapsed.

“We inherited a bad economy from our colleagues in the NDC. The prompt response from the Akufo-Addo government on the financial sector should be lauded and not condemned,” he said on Okay FM, monitored by Adomonline.com.

About GHc11 billion has, so far, been spent on the collapsed banks to protect depositor’s funds.

The Central Bank is believed to have injected over a billion cedis into GCB Bank after it took over the assets and liabilities of UT and Capital Bank, and more than nine billion cedis into Consolidated Bank (force merger of Beige, uniBank, The Royal, Construction and Sovereign Bank).

The Bank of Ghana has already established the Office of Ethics and Internal Investigations to investigate their own official, current and former, found culpable regarding the collapse of these seven banks.

This the Effutu MP said was President Akufo-Addo’s vision for the banking sector to have few but stronger local banks which can compete with their foreign counterparts.

He further called on the leadership of the bank of Ghana to be consistent in their supervisory efforts to ensure that more banks do not collapse.